Q2 2024 Haypp Group AB (publ) Earnings Call Transcript
Key Points
- Nicotine pouch volume grew by 43% year-over-year and 93% over a two-year period.
- Nicotine pouches now account for 61% of total volume, up 11 percentage points from Q2 2023.
- EBIT margin increased from 2.7% to 3.7%, reflecting benefits of scale.
- Sales grew by 23% compared to the same period last year, with a 19% growth from March to June.
- The company achieved a milestone of serving over 1 million consumers in the past 12 months.
- The U.S. market experienced turbulence due to higher-than-expected consumer demand, leading to a market shortage.
- FDA regulations on flavored vaping products and the backlog of risk-reduced products could delay new product launches.
- Net financials showed significant volatility, with a notable negative impact in Q2.
- The company remains cautious about the implications of the Chevron Act on FDA regulations.
- No capital returns to shareholders are expected during 2024 or 2025, despite a strong balance sheet.
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Good morning, everybody, and welcome to our Q2 2024 for interim results, our CFO, Peter Deli and I have no doubt we're talking to our results this quarter. I would not only like to reiterate the higher purpose of inspiring healthier enjoyment for millions, but I would like to call to call out And in the past 12 months, we served over 1 million consumers. While we have many more millions to reach this in itself is a material milestone.
Moving along to our operational highlights, I would like to begin with our nicotine pouch, Q2 volume year over year growth of 43% and 93% across the two year period. Nicotine pouches now account for 61% of our total volume for the quarter of 11 percentage points versus Q2 2023. The robust trend continued. We're particularly happy with the continued strong nicotine pouch performance in our growth divisions, which grew 65% year on year after moving into profitability in Q1 and has continued expansion in margin in Q2. The increase in EBIT margin from 2.7% to 3.7% reflects the
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